Novastar Ventures raises $72.5m

The Nairobi-based fund manager expands its remit to West Africa.

Novastar Ventures has held a first closing of its second venture capital fund, Novastar Ventures Africa Fund II, at $72.5 million. The firm is widening its geographic remit with its latest $120 million-targeting fund, pursuing early and growth stage investments in Anglophone West Africa, as well as in its existing region of East Africa.

AXA Impact Fund II, CDC Group, the European Investment Bank, the Dutch Good Growth Fund and FMO have all committed to this fund, as well as its previous iteration.